The Malcolm method based on GTAP model is used to describe the three states of capital flow reversals in different emerging market countries and their impact on them. The research shows that: first, the effect of capital flow reversals on economic growth of the three kinds of emerging market countries has threshold effect, but the threshold value is different. Second, the reversal of capital flows will lead to a decline in services output, a deterioration in terms of trade and a decline in welfare levels in the three emerging markets. It will lead to an increase in the total value of exports and a decrease in the total value of imports in the three emerging markets. Finally, the reversal of capital flows has improved economic growth, the size of imports, terms of trade and welfare water averages in countries other than the three emerging markets.